The Consumer Financial Protection Bureau announced the beta launch of its new HMDA Platform, giving the industry about two months to test if they’re compliant with reporting requirements.
As a result, this gives the industry until the end of the year to get familiar with the HMDA Platform before having to officially file documents.
In particular, the CFPB said the industry should use the portal to “determine whether their sample Loan Application Register data complies with the reporting requirements outlined in the Filing Instructions Guide for HMDA data collected in 2017.”
Here’s what included in the beta version of the HMDA Platform:
- Financial institutions will be allowed to establish test log-in credentials
- Upload sample HMDA files and perform validation on their data
- Receive edit reports
- Allow users to confirm their test data submission
- Conclude the test HMDA filing process
During the beta period, financial institutions may test and retest as often as desired.
And once the filing period opens in January 2018, all test accounts created and test data uploaded during the beta period will be removed from the system.
Once the filing period officially opens next year, reporting institutions will have until March 1, 2018 to submit data for calendar year 2017.
The announcement follows an initial sneak peak of the portal back in August during a CFPB training session.
HMDA, which was originally enacted in 1975, requires many lenders to report information about the home loans for which they receive applications or that they originate or purchase.
The HMDA updates are supposed to improve the quality and type of HMDA data.